Taseko Mines (NYSEAMERICAN:TGB) Downgraded to “Sell” at Zacks Investment Research

Taseko Mines (NYSEAMERICAN:TGBGet Rating) (TSE:TKO) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released on Wednesday, Zacks.com reports.

According to Zacks, “Taseko Mines is focused on acquiring ownership of and advancing exploration and related activities on known mineral deposits that have as their basic characteristic, large tonnage (based on extensive drill testing for continuity) mineralization which, under metals price assumptions that fall within historical averages, are potentially capable of supporting a mine for 10 years and longer. “

Other analysts also recently issued reports about the company. Scotiabank boosted their target price on Taseko Mines from C$2.75 to C$3.00 in a report on Wednesday, April 13th. TD Securities reduced their price objective on Taseko Mines from C$3.75 to C$3.25 in a research note on Friday, May 6th. BMO Capital Markets reduced their price objective on Taseko Mines from C$3.50 to C$3.25 in a research note on Friday, May 6th. Stifel Nicolaus reduced their price objective on Taseko Mines from C$3.70 to C$3.40 in a research note on Wednesday, May 18th. Finally, National Bank Financial reduced their price objective on Taseko Mines from C$3.25 to C$3.00 in a research note on Friday, May 6th. Two investment analysts have rated the stock with a sell rating, two have assigned a hold rating and three have issued a buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $3.11.

NYSEAMERICAN:TGB opened at $1.62 on Wednesday. The stock has a market cap of $463.85 million, a PE ratio of 16.20 and a beta of 2.21. Taseko Mines has a 1 year low of $1.30 and a 1 year high of $2.45. The company has a quick ratio of 2.49, a current ratio of 3.26 and a debt-to-equity ratio of 1.43.

Taseko Mines (NYSEAMERICAN:TGBGet Rating) (TSE:TKO) last posted its earnings results on Wednesday, May 4th. The mining company reported $0.02 earnings per share for the quarter, missing the consensus estimate of $0.03 by ($0.01). Taseko Mines had a net margin of 8.46% and a return on equity of 13.48%. The firm had revenue of $93.42 million during the quarter. As a group, research analysts forecast that Taseko Mines will post 0.23 earnings per share for the current year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in TGB. HighTower Advisors LLC lifted its stake in shares of Taseko Mines by 14.9% during the 1st quarter. HighTower Advisors LLC now owns 77,196 shares of the mining company’s stock worth $176,000 after purchasing an additional 10,000 shares during the period. BlackRock Inc. raised its position in shares of Taseko Mines by 50.6% in the 4th quarter. BlackRock Inc. now owns 32,697 shares of the mining company’s stock worth $67,000 after buying an additional 10,992 shares during the period. Toronto Dominion Bank raised its position in shares of Taseko Mines by 58.1% in the 4th quarter. Toronto Dominion Bank now owns 32,103 shares of the mining company’s stock worth $66,000 after buying an additional 11,803 shares during the period. Cambridge Investment Research Advisors Inc. purchased a new position in shares of Taseko Mines in the 4th quarter worth $30,000. Finally, Shepherd Kaplan Krochuk LLC raised its position in shares of Taseko Mines by 11.6% in the 4th quarter. Shepherd Kaplan Krochuk LLC now owns 160,000 shares of the mining company’s stock worth $328,000 after buying an additional 16,620 shares during the period. Institutional investors and hedge funds own 20.95% of the company’s stock.

About Taseko Mines (Get Rating)

Taseko Mines Limited, a mining company, acquires, develops, and operates mineral properties. The company explores for copper, molybdenum, gold, niobium, and silver deposits. It holds 75% interest in the Gibraltar mine located in British Columbia. It also holds 100% interest in Yellowhead copper project, the Aley niobium project, and the New Prosperity gold and copper project located in British Columbia; and the Florence copper project located in Arizona.

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